Billy

I'm watching CNBC right now - the markets do not like what is happenning/proposed by uncle Ben!

Yep. Jonah Gordon stepped in with Northern Wreck because a situation had developed where more than one major entity could go under spectacularly - the overriding concern then was to stem multiple bank runs and sod the consequences. Tricky for the FED and BOE - one mistake and the house of cards will collapse. So far they've been lucky, but luck can turn in an instant - a Black Swan - ~~~ especially when Murphy's fundamentals all hit at the same time.

He is a disaster zone with mathematics/economics - his lazy degree was a thesis on labour during the 1920s, or something like that. I'm reading the biography of him at the moment by Tom Bowyer - quite an eye opener for Mr Rocking Horse. He has thoroughly bankrupted UK PLC, and hasn't finshed yet!

Yes they are already dead - it's now all a matter of keeping all the plates spinning and keeping the illusion going - as most of you know the FDIC folks in the USA have recently rehired 30 retired old bankruptcy codgers (from the savings and loan debacle) as they expect bank failures imminently, as confirmed by helicopter Ben last week. I think they'll let small fry fail and do all in their power to prevent Citigroup from public bankruptcy. Having said that it may already be too late.

It's extrenmely serious - you can bet enormous resources are being thrwon at Citi and many many other banks both in the USA and UK/Europe to keep them afloat. The BOE is quietly bailing out banks with handouts every week, same in the USA with the FED ...

Hi GF, this is the 'top secret' one, from Jim's Tanzanian Royalty site... http://event.on24.com/clients/default/pres...amp;mode=launch Very long URL, it worked for me yesterday I also have a bootleg here from Igor at goldismoney: ttp://www.megaupload.com/?d=8LMWGGQ0 You will be prompted to enter an alphanumeric code located at the top on the right hand side of the screen, then wait for 45 seconds until the "Free" button becomes available. Click on it and save the file to your computer (don't use download managers like GetRight, FlashGet etc.), the download should be fairly fast, my test took just a couple of minutes. Again, please excuse the quality and harddrive spinning noises, I hope you don't find them too distracting. Regards, Igor PS Would be interesting to compare them - I assume they are the same but I dunno if the bootleg might contain more info? Wish I was at the Conference, it would have been a blast

More on Citigroup... Thornburg Drops as Citigroup Sees Possible Bankruptcy March 3 (Bloomberg) -- Thornburg Mortgage Inc. lost more than half its market value after the home lender failed to meet $270 million of margin calls and a Citigroup Inc. analyst said bankruptcy is possible. Thornburg fell $4.98, or 56 percent, to $3.92 at 12 p.m. in New York Stock Exchange composite trading. The Santa Fe, New Mexico-based company, which has struggled with falling prices for mortgages since the middle of 2007, may try to raise money by selling debt, equity or securities holdings, according to a statement today... -END- http://biz.yahoo.com/rb/080303/thornburg.html?.v=3 To all; today it is Thornburg mortgage. Last week it was AMBAC. There are so many potential "detonators" out there. No one can know what event, company, bankruptcy, etc. will flip the light switch off. This situation has now become OBVIOUS. We have had rate cuts, Central Bank infusions, fiscal promises, bank nationalizations and promises of more banking support. These have not worked. The economy is now accelerating to the downside. Warren Buffet today said " by any common sense definition, we are in a recession". The "credit crunch" is now biting the real economy with a vengeance. The catch 22 is that none of these traditional remedies will/can work. We have Gold at close to $1,000 per oz.. The anti Dollar can never enter a Bankruptcy court. Gold will never require a capital infusion or "Fed loan" to remain solvent. Gold doesn't get heart palpitations while waiting for reaffirmation of a AAA rating . It can't have counter-party risk if you have it in hand. If you have no margin against it, you can't receive one of those margin calls that have been ever so popular as of late. If you didn't know better, you'd think it should be a boring investment. It actually is. An oz. today, will still be the same ounce next year. The big question is, how crippled does the Dollar become? I believe there is better than an even chance, that there will be talk of a "Gold ratio" backing to at least one major Fiat currency within the next 12 months. It will be at that point, that the "fun" will begin for the owners of Gold. Own Gold and sleep better!

Perhaps slightly off topic, but it is an education in the mass mass psychology of crowds - relevant to the herd and how the possibility of an illusion can totally fool the herd...or not (I'm still scratching my head as to what I would have made of it!)... This is a prank on a "grand" scale. Over 200 people gathered at Grand Central Station in New York to pull off a 'frozen in place' act. The onlooking travelers who weren't part of the act were mystified as to what was going on...to say the least http://www.maniacworld.com/frozen-in-grand...al-station.html

To follow up on X Corporation, again, from another forum...fits in with cgnao's nightmare hyperinflation scenario... As suggested by JS, I've been reading about the hyperinflation of the Weimar Republic to gain insight into the so-called brilliant minds' alledged game plan, by substituting "OTC derivatives" for "war reparations" and "brilliant minds/the X corporation" for "German government". For your convenience, I've attached a couple of related articles. P.S. If you're curious about the identity of "the X Corporation", then listen to the last half of the meeting to hear JS actually name it. -- Article: George J. W. Goodman, The German Hyperinflation, 1923 Before World War I Germany was a prosperous country, with a gold-backed currency, expanding industry, and world leadership in optics, chemicals, and machinery. The German Mark, the British shilling, the French franc, and the Italian lira all had about equal value, and all were exchanged four or five to the dollar. That was in 1914. In 1923, at the most fevered moment of the German hyperinflation, the exchange rate between the dollar and the Mark was one trillion Marks to one dollar, and a wheelbarrow full of money would not even buy a newspaper. Most Germans were taken by surprise by the financial tornado. "My father was a lawyer," says Walter Levy, an internationally known German-born oil consultant in New York, "and he had taken out an insurance policy in 1903, and every month he had made the payments faithfully. It was a 20-year policy, and when it came due, he cashed it in and bought a single loaf of bread." The Berlin publisher Leopold Ullstein wrote that an American visitor tipped their cook one dollar. The family convened, and it was decided that a trust fund should be set up in a Berlin bank with the cook as beneficiary, the bank to administer and invest the dollar. In retrospect, you can trace the steps to hyperinflation, but some of the reasons remain cloudy. Germany abandoned the gold backing of its currency in 1914. The war was expected to be short, so it was financed by government borrowing, not by savings and taxation. In Germany prices doubled between 1914 and 1919. After four disastrous years Germany had lost the war. Under the Treaty of Versailles it was forced to make a reparations payment in gold-backed Marks, and it was due to lose part of the production of the Ruhr and of the province of Upper Silesia. The Weimar Republic was politically fragile... for more click on link below. http://www.pbs.org/wgbh/commandingheights/...rinflation.html Article: USAGold, The Nightmare Of German Inflation Foreword: The many parallels between 1924 Germany and present-day United States are cause for concern. Though the U.S. has not yet reached the depths to which Germany descended in that era, few can look at the constant depreciation of the dollar since the early 1970's and fail to be alarmed. It seems contemporary America differs from 1924 Germany only in the duration between cause and effect. While the German experience was compressed over a few short years, the effects of the American inflation have been more drawn out. In my view, this has occurred for two good reasons: First, American central bankers have learned enough from the German experience to delay and extend the consequences of printing too much fiat money. Second, Germany was a small state isolated from the rest of the world, a pariah nation of sorts following World War I. As a result, it had a difficult time finding a market for its government bonds. German deficits had to be financed internally -- a difficulty which greatly accelerated the printing of fiat currency... for more click on link below. http://www.usagold.com/germannightmare.html

Yup, it's like a black run on the side of the Eiger! But with Shrub speaking and en emergency rate cut they gotta do it to keep the illusion going...

from another forum I haven't listened to the speech in full yet... I wonder if X is Barrick??? i'm almost certain it is~! JS has just made his first jsmineset post since his Toronto meeting. See below. Notice how his post is silent about many of the concerns he talked about at the meeting; i.e. "period of extraordinary change" warnings, the so-called brilliant minds/"the X Corporation", their assumed game plan (Weimar hyperinflation revisited), and their identity. Could it be that one of the underlying reasons for his Toronto meeting was that he wished to "verbally" warn his extended GIGA family about his growing concerns, albeit in his usual conservative and understated way? For example, in the first half of his talk he encourgaged people to research the Ahsanti/Anglo Gold court case and follow the money back to various interested corporations and one X Corporation in particular. Then, later during the wrap up Q&A session, he literally volunteered the name of mysterious "the X Corporation" without anyone really having to twist his arm. Did anyone else here get the same impression from JS's talk? If so, then I guess we all should all take JS's warning and growing concerns on board. Lastly, I'm completely ignorant about the Ahsanti and Anglo Gold case background. So, I would greatly appreciate it if someone can refer me to some good online information on the subject. Thanks. -- http://www.jsmineset.com/ Dear CIGAs, Having spoken to nearly 950 people for a total of six hours last Friday, I am still in the recovery phase. My return was interesting. During the last presentation Toronto was being covered in a significant blanket of snow. Cabs disappeared like ducks going South, bringing transportation to a halt. I had to get home to keep a very important commitment made to my daughter. Being resourceful, I went back to the main lobby hoping that some CIGAs were left and yelled “help!” Two fellows who had been in the last meeting asked me what was going on. I explained my predicament to which they said no trouble. We walked out into the snow, crossed the street and there it was, a F350 Ford 4X4 monster pickup. The only problem I had was finding a way up and into that chariot. I dubbed them CIGA Big Pickup. Down to business: Gold has never made it thorough a round number without a battle. You may recall every 100 points since $248 gold battled at each $100 mark. To assume we are going through $1000 with ease can only occur if my $1650 magnet is so low it is silly. I don’t assume that. The real number is not $1000 nor $1050 but rather $1024 with a maximum over run of $26. You may recall I suggested the run to $1000 was going to be as straight up as markets can perform. I would expect a break above and then some rotation around $1000 until the third day above $1000. Following that it is off to $1650. I will give you more minor angels as we move past $1024. The ratios long the majors and short the juniors sold as an OTC derivative by the same geeks that have brought you the end of the financial world as we knew it, also produced the gold share ratio spread. This spread is starting to contract now as the majors decelerated their climb and the juniors in the main have decelerated or ended their decline. The US dollar has been for a long time and is now totally hopeless. The price objective on the downside of the dollar is .5200. It will get there. Gold is going to $1650. Remember this. It will get there. No commodity share is going down when the underlying asset of the company is going to establish at least an appreciation of 665% from the low. The geeks only look at the momentum of a spread once again forgetting a thing called a market. When the recent OTC derivatives skewing a market explodes, as it will, the juniors will fire out of their silo like an ICBM, doing nuclear damage once again to those criminals and their overloaded laptops. Housekeeping items: I have 1229 emails to read. That is called “total overload” under present fatigue and blurred vision circumstances. I have asked those who are helping me to give me a list of all phone numbers given in emails or faxes. I will do my level best to get to you. Please bear with me. All you really need to know is contained in this evening’s article from Dan, Monty and yours truly, as well as in postings from the last two weeks. Those that I spent 3 hours calling this evening stand witness to my every effort to reply to those needful. Regards, Jim

He is pure scum. Almost all his pump n dump ramped stocks go belly up. Saw some very specific evidence of this and it is amazing how bad his track record is. He is sending millions of Americans to the poor house right now. Yes he needs to cuddle up to Bubba in Sing Sing for the next 30...

My next door nabe is a bond trader and he and his syndicate have just lost their jobs - reason being that they had all their money funnelled thru cictibank clearing and etc and citibank called them 4 days ago (fri) and withdrew all credit and froze all their loans. No money = no bond trading. Guy is crapping himself because he earns a mill a year for basically doing swett FA and now needs to get a real job! I've tried to educate him ref metals but he won't listen - he is sharp and a genius at what he does/did, mixed with all the CEOs throughout the USA and Europe, but doesn't understand the basics - he has no clue about fractional reserve banking for a start, and he didn't see the sub-prime housing collapse coming and etc etc. Essentially brainwashed by the establishment schooling he went through and a permanently closed mind. So city are in deep deep merde - this is a highly technical form of their banking, but what is going on in the specialised areas wil/has alreadyl filter down to the group as a whole - they are dead in the water.

from another forum poster Rumor has it that Jim Cramer, the screecher on CNBC, has call for $1600/oz Gold. (hmmm, must have read Sinclair's lastest). This guy, after years of screaming "COMMODITIES ARE DEAD", is finally waking up, and it took 20$ Ag and nearly 1000$ gold to shock him into reality. Seems to me, the guy is a johnnie come lately. It always so "apparently" smart to make the call, after the rise. shame the herd tends to follow Cramer wanted mor time to load up!!!

AHA!!! Hence the smackdown! LOL, they are so predictable. Always a smackdown prior to and when the chimp in chief speaks too.

Be good if it happens - I'm not concerned with this noise as I am long term and 100 fundamentals insist gold and silver are only going one way. This really is a waiting game. I'm just glad I took Jim Sinclair's advice and bought bullion only - recently took everything out of the Perth Mint too - see Jason Hommel's stories about one guy who had 10,000oz of allocated silver at the Perth Mint (paying over 1% a year for storage) and it took them over FIVE months to deliver! i.e. They didn't have it. I took mine out in 2-3 tranches and it was cock up after cock up with them, took an age - and I was unallocated - imagine what would happen in a meltdown or meltup situation! Imagine what would happen if the State in Oz defaults - yes it is AAA rated by Moodies but so was Nortrhern Wreck and a gazillion other titanics. Nope, have the real thing in your own immediate possession and of course take delivery of real share certificates!

That's a great idea because the way it's going over there those spiteful ignorant bar stewards will proabably 'accidentally' delete it. I've seen this sort of thing happen too many times on other forums - and I've also seen mods panic and remove any and all farewell messages, block PMs, and remove all hints as to where all the brilliant posters have gone! Which is exactly what they've done. Incidentally GF this also reminds me of the Axestone situation ref Kitco and goldismoney - Ax brought his entire thread with him and I think we should try and do the same, with the owner's permission here of course. After all it is OUR thread, not HPCs. We did all the posting and hard work, Smelly Tramp and Oldie did all the insulting and rudeness. That thread has *years* of research and 9000+ unpaid posters thrown in Oldie's and Smelly Tramp's dustbin. They've already locked the thread down as I semi predicted, so it is dead now. As is the HPC issue itself. Their site IMHO is now redundant, and will become increasingly so as their fascist moderation sinks further down the toilet.

LOL, good morning!

Cheers Steve, and you are welcome Wren!

Jim's speech and Q and A here: Enjoy! http://event.on24.com/clients/default/pres...amp;mode=launch

Please find below comments from from Kitco gold forum user (Igor01). He claims to have attended JS meeting in Toronto. -- https://www.kitcomm.com/showthread.php?p=192398#post192398 He was asked about the $1650 being too low an estimate and he said "remember back when gold was $250 and I predicted it will go to $1650, everybody thought I was a nut because it was too high, now they think I am a nut because it's too low". He said that it's possible that his price prediction is too conservative, but that's the price level he absolutely knows gold to reach sometime before 2011, it may exceed that but he can only talk about what he "knows for sure". He reaffirmed that this time after gold reaches the high, it will not come down like in 1980, but will continue to float in a +-200 points range, unlike silver that will shoot up with gold but will come down after it reaches the peak. He talked about the scenario he believes is going to be implemented by TPTB (the Revitalized and Modernized Federal Reserve Gold Certificate ratio) and explained it in greater depth. He said he did not believe that a social breakdown scenario "a-la Mad Max" was coming, simply because it would not be profitable to TPTB. He believes that USD is going to 0.5200 but should not fall lower for the same reason there will be no widespread social unrest, "it's simply not profitable". He said that should any unrest break out, it is likely to be put down with extreme brutality to make sure it doesn't spread. He talked about the one corporate entity that's on the long side of the gold hedges and derivatives, in his view they are doing it not to accumulate gold since it is relatively small market, but to assume control of future production of minerals like like gold, copper, platinum, rhodium etc, this will put this entity in the position of immense wealth and power. There was a lot more things he talked about and also took questions for two hours. Overall, the session was everything I expected and much more. It just amazes me that he would do this for a bunch of people he's never met and will likely never see again, Jim has made his money and doesn't need to do this for us, especially since he doesn't charge for his ideas and doesn't give any stock tips. Yet, he went to the trouble of renting what must be a very expensive venue at the dowtown Toronto Marriott and spend over 3 hours sharing his insights and answering questions from total strangers without asking for anyting in return. There was a pretty bad snow storm that day and he stretched out the meeting until his associates had to almost drag him to his limo since he had to make a flight and getting there on time in Friday night traffic during a snowstorm was somewhat problematic. And, like I mentioned earlier, it was just amazing to see people that came just for this three hour meeting from all over the US, Europe and Asia, I guess I am very lucky that I work only a five minute walk from the Marriott I've recorded the session, the three hours resulted in a 176 MB mp3 file and intend to listen to it several times, Jim's talk is so information-rich that it will take me a few times to get it fully digested, and the fact that English is not my first (or even second) language is certainly not helping

With silver, timing is of the essence - you will only have a short window to get out and go into gold - there was an awesome article recently (3-4 months ago?) about this, and basically saying that one's perhaps preconceived notions about how silver spikes/plays out may be totally incorrect - I think it was by Adrian Douglas or someone like that - I'll see if I can paste it in here if I can find it! This fits in with Jim Sinclair's recent comments in Toronto...see below...

I'm a member of GATA and I would urge you all to join - it's only 100 quid a year, well worth it for the inside scoop from Bill Murphy, aka Midas. He's an ex-commodity trader and he did a piece on Friday devoted to Silver - he and a few other good folks think a commercial signal failure is playing out right now. I recently sold 85% of my gold and bought phsical silver so that I am now about 90% in silver - gotta agree with GF that the ratio is heading south so I decide to take action - at some point I will convert back to gold 100%. Anyhoos here are some snippets I posted at the GATA form ref silver and etc etc Dan Norcini “Notice that the commercial short category sharply reduced the number of outright short positions they have been carrying (-9,297). This occurred from Tuesday of last week through Tuesday of this week. Over that time frame, the price of silver rallied $1.22. If you look at the chart very carefully, you will observe that this is the first time this has occurred in which the funds HAVE NOT been reducing their net long position. In other words, this appears to be the beginnings of a commercial signal failure. Normally the commercial perma-shorts in silver have used fund long liquidation to cover their shorts as the market moved lower. Not this time - they are buying on the way up!” ... This is going to be something worth watching next week to see if it continues or if things take a bit of a breather. Remember, it is a new calendar month on Monday and that often means brand new allocations of fund money to the markets. If that occurs, the silver shorts are in serious, serious trouble as the longs will show them not one ounce of mercy. Blood in the water draws sharks and the silver shorts are not only bleeding, they are hemorrhaging massively. http://www.jsmineset.com/ and Something from the silver assoc The ironic thing is, the silver clouds ahead are showing that what silver investors have been waiting for is actually beginning to happen: An enormous short squeeze in the large commercial traders and industrial users. For years Ted Butler and others have been explaining how powerful commercial traders have been shorting into every silver rally through during the entire bull market thus far. Once the price has risen enough, they pull bids from under the market and force the price of silver to crash in days of gut-wrenching freefalls. Once the price has crashed, the commercials cover their positions at a profit and the cycle begins all over again. This has happened so often that silver mining investors have been programmed like Pavlov’s dog to dump silver miners as soon as silver moves up. But something different appears to be happening this time. In the past week silver has broken out from its trading range in Euro’s and launched from $17 to $19.50. While it would be expected for the commercials to short more, open interest has plummeted from 189,151 on 2/19/08 to 167,000 on 2/29/08. From 2/19/08 to 2/26/08 the commercial net short positions fell from 75,790 to 73,149. It may take two weeks for the silver COT report to confirm this, however I believe this shows that the large commercial traders have covered an additional 2,000 to 3,000 short silver contracts in the last 3 days – in a classic short squeeze. Given that silver is at a multi-decade high, it’s fair to say that all short positions are currently under water. Given that silver has risen from 11 to almost 20 in less than six months, and open interest is also at a historical high, it’s also fair to say that the large commercial traders are suffering from major losses in the billions of dollars. Ironically, the very same credit and insolvency problems that are tanking most markets may be the biggest driver in a silver short squeeze. One year ago, banks had excessive liquidity to back up short sales and derivative manipulation of silver. However, today banks are likely to close out any positions that don’t immediately create a profit for them because they are desperate to raise cash in order to survive. This implies that silver could launch much, much higher over a very short period of time. It also implies that everyone waiting for silver to crash before they buy could be very disappointed as it could create a new price baseline above current levels in the coming months. I have read several articles recently arguing that investors should sell their miners and buy silver instead. While I do believe investors should hold a core position of silver, given the current valuation of silver miners, I think its untimely advice. That might have been great advice in 2007, but we have finally reached the point of price insanity in the mining sector. Most silver miners are priced as if silver was $13, and it looks unlikely that silver will fall to those levels ever again given that the 200 day moving average is $14.17 and screaming higher. If silver prices hold $20 this year, many silver producers will have PE ratios under 10 at their current prices.

48 per cent! Wow! And the bull has hardly snorted yet IMO - not workd out what I made yet because I've been in and out of gold and silver shares too, but it's probably around 35-40%. Tax free. No margin. Physical only as of 3- months ago.

Yes, in effect, told to. These career Quislings know that they have to play the game and obey their masters if they want to keep their snouts in the trough.